CBDT has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 to 29th February 2008
No.402/92/2006-MC (07 of 2008)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi dated the 4
th February 2008PRESS RELEASE
The Central Board of Direct Taxes have extended the due date for filing of
quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source
(TCS) for the quarter ending 30
th September 2007 of financial year 2007-08 to 29thFebruary 2008. This is in view of the difficulties being faced by the tax deductors /
collectors in filing statements with the correct PAN data mandatorily required to be
furnished to the extent of at least 90% in the cases of salaried deductees and 70% in
the cases of other deductees.
It may be recalled that as the requirement of filing TDS / TCS certificates had
been done away with, the lack of PAN of deductees was creating difficulties in giving
credit for the tax deducted and collected. It was, therefore, decided that TDS returns for
salaries, i.e. Form No.24Q with less than 90% of PAN data, and TDS returns for
payments other than salaries and TCS returns, i.e. Form No.26Q and Form No.27EQ
respectively, with less than 70% of PAN data would not be accepted for the quarter
ending on 30.9.2007 and thereafter. Tax deductors and tax collectors were, therefore,
advised to obtain correct PAN details of all deductees and quote the same in the TDS /
TCS returns, failing which the TDS / TCS returns would not be accepted and all penal
consequences under the Income Tax Act would follow. Taxpayers liable to TDS / TCS
were also advised to furnish their correct PAN with their deductors, failing which they
would also face penal proceedings under the Income Tax Act.
It may also be recalled that for and from the quarter ending 30.9.2007, in
addition to government offices and companies, filing of TDS / TCS returns in electronic
form has been made mandatory for (i) deductors / collectors required to get their
accounts audited under section 44AB of the Income-tax Act in the immediately
preceding financial year, and (ii) where the number of deductees’ / collectees’ records
in a quarterly statement for any quarter of the immediately preceding financial year is
equal to more than fifty.
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